North America Plastic Packaging Market

North America Plastic Packaging Market Size (2024-2029):

The North America Plastic Packaging Market was worth US$ 96.26 billion in 2023 and is anticipated to reach a valuation of US$ 132.91 billion by 2029 and it is predicted to register a CAGR of 5.52% during the forecast period 2024-2029.

Market Drivers and Restraints:

Although there is a strong call for reducing the usage of plastics, it remains one of the most used materials for packaging in North America. Food packaging, beverage, lamination etc., are a few prominent industries where plastic has heavy usage even with the presence of alternatives like composite materials. The ease of availability and cheap price is the biggest factor driving demand in the North America plastic packaging industry. The improving technology that makes plastic materials very robust is driving many industries to opt for plastic as their first-choice packaging material. The rise in the retail chain network is also likely to provide impetus to the regional industry.

The recent emergence of bioplastics has enhanced the usage of those materials and provided a cheap and environment-friendly alternative to plastic. These factors hinder the growth of the market. The government norms that are focused on restricting the usage of plastic is also a key factor that is slowing down the industry.

Market Key Developments:

• In 2019, Amcor completed the acquisition of Bemis Company Inc. This acquisition brings additional capabilities and adds another dimension to their existing portfolio. This will also generate considerable value for the shareholders.
• In October’19, Coveris launched its Duralite R, a next-generation shrink film range that can be entirely recycled. As a part of its existing sustainability journey to deliver recyclable flexible packaging solutions, it also covers a new shrink film that provides a fully circular solution to meet both the environmental and legislative demands of the future.

NORTH AMERICA PLASTIC PACKAGING MARKET REPORT COVERAGE:

Market Segmentation:

North America Plastic Packaging Market - By Type:

• Rigid plastic packaging

• Flexible plastic packaging

North America Plastic Packaging Market  - By Product:

• Bags
• Pouches
• Cans
• Bottles

North America Plastic Packaging Market - End-user:

• Food and Beverages
• Pharmaceutical
• Healthcare
• Retail
• Personal and Home Care

Plastic because of its sheer ubiquity is used in every business activity and thus finds its usage across various end-use industries. The food and beverage industry holds the largest share in terms of volume when it comes to deploying plastic packaging. With facilities such as at-home deliveries for various food products, the demand for plastic packaging has increased as it provides a cost-effective method.

The plastic packaging market is expected to grow in the outlook period with vast applications in end-user verticals like medical, industrial packaging, and so on. The Healthcare industry also has wide-scale implications of plastic packaging and contributes a lot towards the growth of the industry. The food takeaway sector has also proliferated in the North America region and is triggering great demand for plastic packaging.

Market Geographical Analysis:

• United States 
• Canada 

North America has the biggest consumer base for packaging and despite the government restrictions on the use of plastic, the market is expected to grow at a moderate rate of 3% CAGR. The introduction of bio-plastic materials is also expected to intensify the market in the coming years, which will provide a variety of options for packaging.

Impact of COVID-19 on the North America Plastic Packaging Market:

Coronavirus has resulted in severe conditions by impacting end-user application areas. Major economies of North America are affected due to the pandemic as the USA is one of the most affected regions by this pandemic, slowing down manufacturing industries. However, the demand for packaging has increased during the pandemic due to the extensive usage in the healthcare industry. In the medical sector, plastic is extensively used for various purposes and thus highest demand has been witnessed lately. Healthcare experts have suggested that amidst the absence of vaccines, trials are expected to ramp up and the demand for plastic packaging will be very high. The delivery of essential items during the pandemic increased and required a huge supply from the packaging industry.

Major Key Players:

1. AMCOR Plc
2. RPC Group Limited
3. Sonoco Products Company
4. Constantia Flexibles GmbH
5. BerryPlastics corporations
6. NatureWorks LLC